Published: 26.11.2022 Updated: 03.07.2024

In accordance with the Deposit Guarantee Law, any customer of a credit union, whether a natural or legal person, is entitled to a disbursement of compensation for all types of deposits in all currencies up to 100 000 euro, with several deposits or several shares of a joint deposit aggregated for the purpose of calculating the guaranteed compensation to be disbursed.

Deposits in foreign currency are converted into euro according to the foreign currency rate used in accounting on the day the deposits become unavailable.

In accordance with Section 3, Paragraph four of the Deposit Guarantee Law, depositors may receive the guaranteed compensation within five years from the date on which the unavailability of deposits at the credit union was declared. After that period, depositors who are eligible for the guaranteed compensation but have not received it will lose their right to receive the guaranteed compensation.

Credit unions whose depositors are entitled to apply for the guaranteed compensation

14 July 2020 the unavailability of deposits has occurred with LABA Kooperatīvā krājaizdevu sabiedrība.

In accordance with Section 3, Paragraph four of the Deposit Guarantee Law, those depositors of this credit union who are eligible for the guaranteed compensation, but who will not apply for its receipt until 13 July 2025, will lose their right of claim against the Deposit Guarantee Fund of Latvia concerning the disbursement of the guaranteed compensation on 14 July 2025.

14 September 2022 the unavailability of deposits has occurred at TIRZAS KOOPERATĪVĀ KRĀJAIZDEVU SABIEDRĪBA.

Pursuant to the provisions of Section 3, Paragraph four of the Deposit Guarantee Law, the depositors of TIRZAS KOOPERATĪVĀ KRĀJAIZDEVU SABIEDRĪBA who are eligible for the guaranteed compensation, but who will not apply for it by 13 September 2027, will lose their right of claim against the Deposit Guarantee Fund of Latvia concerning the disbursement of the guaranteed compensation on 14 September 2027.